Overview:
GBP/JPY is trading in higher range. GBP/JPY is supported by positive investor risk sentiment; sell-yen orders from Japan importers. But GBP/JPY gains are tempered by buy-yen orders from Japan exporters. Daily chart is mixed as MACD is in bullish mode, but stochastics is neutral, five-day moving average is meandering sideways.
Trading recommendation:
The pair is trading above its pivot point. It is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, trading in higher range is most favorable and buy position is recommended above its pivot with the first target at 150.65 and the second target at 151.15. You should keep in view short position below the pivot keep of the first target at 148.2, the breach of this target will move the pair downward further and expect the second target at 147.4. The pivot point stands at 148.85.
Resistance levels:
R1 - 150.65
R2 - 151.15
R3 - 151.35
Support levels:
S1 - 148.2
S2 - 147.4
S3 - 147
